BWE closes $86 million loan deals for retail space and multi-family communities in New Jersey and Pennsylvania

0

Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage company, today announced the closing of three loans totaling $86,000,000 to renovate four oceanfront commercial properties in Asbury Park, NJ, and finance apartments and townhouses in Cherry Hill, NJ, and Allentown, Pennsylvania.

Mark Remington, senior vice president of BWE’s Washington, DC office, originated the Asbury Park loan, Mike Powell, senior vice president of the New York office, and Kevin Hicks, senior vice president of Philadelphia office, originated the Cherry Hill loan and Steve Perricone, senior vice president of the Philadelphia office, originated the Allentown loan.

“These transactions are emblematic of BWE’s continued commitment to supporting vibrant communities by funding high quality commercial and residential communities,” said DJ Effler, President of BWE. “Our teams are excited to work with our partners to renovate and develop waterfront lodges and housing in New Jersey and Pennsylvania, and we look forward to continuing to be part of a thriving downtown market. Atlantic.”

The offers are:

· Asbury Park Boardwalk (Asbury Park, NJ), a loan of $26,000,000 has been issued in the name of the borrower, Madison Marquette, through OceanFirst Bank to renovate four beachfront pavilions on the iconic Asbury Park Boardwalk – the First Avenue pavilion , the Third Avenue Pavilion, the Fourth Avenue Pavilion, and the Fifth Avenue Pavilion. The First Avenue Pavilion offers 25,772 square feet of space and is home to long-time tenants such as Stella Marinia, Cubacan and Watermark. The Third Avenue Pavilion is adjacent to the new “ultra-luxury” Asbury Park Ocean Club condo and hotel and offers 16,810 square feet of space. The Fourth Avenue Pavilion is a 33,240 square foot structure to be renovated, designed as a complementary retail and entertainment space. The Fifth Avenue Pavilion is a newly renovated structure that totals 31,736 square feet of space, including 12,060 square feet of retail space, 19,237 square feet of dining space, and a 7,887 square foot terrace.

· 202 Park Apartments (Cherry Hill, NJ), a $40,000,000 loan from life insurance company on behalf of the borrower, Montgomery Group, to finance a recently completed 192-unit apartment and townhouse community in Cherry Hill, New Jersey. The property offers modern studios, one-, two-, and three-bedroom apartments, and townhouses with waterfront views of the Cooper River, as well as luxury amenities including a resort-style pool, courtyards, a roof terrace, patios with fire pits and barbecue. grills, a two-story clubhouse with billiard room, lounge and bar, fitness center and yoga studio, dog wash station and more. The property is located near exceptional shopping, transportation and entertainment including the Cherry Hill Mall, Garden State Park Marketplace, Patco – Collingswood Station and Camden County Boathouse. The building was leased at the time the financing was closed.

· Cityplace North and South (Allentown, Pennsylvania), a $20,000,000 loan from the insurance company to finance the renovation and construction of a 204-unit apartment complex and two buildings in downtown Allentown, Pennsylvania. The north building is a renovation/conversion of a hotel into apartments, which opened in early 2020. The south building is a ground construction that will be seamlessly integrated into the existing building to form a class A complex with high-end equipment. The south building was 100% pre-cleared before construction was completed.

BWE offers flexible financing solutions for clients spanning the full spectrum of commercial and multi-family real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/

BWE is a national, full-service, multi-family commercial mortgage banking company. In partnership with Enterprise Community Partners, Inc., BWE has production offices nationwide and an integrated service platform based in Cleveland. Through our local market expertise, national lending relationships and experience in structuring financing, we offer our clients competitive and creative solutions for their financing needs. BWE provides loans to a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®), Freddie Mac Optigo™ Vendor/Repairer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) Approved Multifamily Accelerated Processing (MAP) Lender and U.S. Department of Agriculture Section 538 Rural Development Lender States (USDA).

(Visited 1 time, 139 visits today)

Share.

About Author

Comments are closed.